TMI Blog2012 (3) TMI 585X X X X Extracts X X X X X X X X Extracts X X X X ..... s allowed. - I.T.A No. 1598/Kol/2011 - - - Dated:- 13-3-2012 - Sri Mahavir Singh, JM Shri C. D. Rao, AM For the Appellant: Shri D. Ghosh For the Respondent: Shri L. K. S. Dehiya ORDER Per Mahavir Singh, JM This appeal by assessee is arising out of order of CIT(A)-XXXVI, Kolkata in Appeal No.834/CIT(A)-XXXVI/Kol/Cir.54/09-10 dated 09.09.2011. Assessment was framed by DCIT, Circle-54, Kolkata u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Year 2007-08 vide his order dated 23.12.2009. 2. The first issue in this appeal of assessee is against the order of CIT(A) in not deleting the disallowance being the provision made for leave encashment. For this, assessee rai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Supreme Court and stay of the order of the Hon ble Kolkata High Court was granted by the Hon ble Apex Court. Ld. senior counsel submitted that under identical circumstances, Tribunal has restored the matter to the file of Assessing Officer to decide the issue in accordance with the decision of the Hon ble Apex Court in the case of DCIT, Circle-8, Kolkata vs.- M/s. Ernst Young Pvt. Ltd. in ITA No. 1787/Kol./2008. He, therefore, submitted that the matter may be restored back to the file of Assessing Officer. 4. Learned Departmental Representative did not raise any objection. 5. We have considered the submissions of both the parties and have perused the records of the case. We find that Tribunal on identical issue in ITA No. 1787/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee is against the order of CIT(A) in upholding the disallowance u/s. 14A of the Act. For this, assessee raised following ground no.2: 2. The Ld. CIT(A) has erred on facts and in law in upholding the disallowance u/s. 14A to the extent of ₹ 50,526/- on estimated basis even though the appellant firm had not incurred any expenses on receiving Dividend income but still had added back ₹ 25,263/- to avoid litigation. 6. We have heard rival submissions and gone through facts and circumstances of the case we find that assessee has earned tax free dividend income of ₹ 25,26,257/- and added back a sum of ₹ 25,263/- being 1% of the dividend income as estimated expenditure incurred on earning such dividend income. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunity to the assessee to place all germane material on the record; (vii) The proceedings for the assessment year 2002-03 shall stand remanded back to the Assessing Officer. The Assessing Officer shall determine as to whether the assessee has incurred any expenditure (direct or indirect) in relation to dividend income/income from mutual funds which does not form part of the total income as contemplated under Section 14A. The Assessing Officer can adopt reasonable basis for effecting the apportionment. While making that determination, the Assessing Officer shall provide a reasonable opportunity to the assessee of producing its accounts and relevant and germane material having a bearing on the facts and circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
